New York, March 11th (TradersHuddle.com) - Shares of Novellus Systems, Inc. (NASDAQ:NVLS) closed the trading day at $23.58 very close to its 50 day moving average currently set at $22.52. Novellus's price action is just above this important support level translating into a trading opportunity.

Novellus Systems, Inc. (NASDAQ:NVLS) manufactures, markets, and services equipment used in the fabrication of integrated circuits, commonly called chips or semiconductors. The Company also develops, manufactures, sells and supports grinding, lapping and polishing equipment for a broad spectrum of industrial applications.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $21.51 and calculated resistance at $23.13. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Novellus Systems will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other ley levels that might affect their upside or downside.